Southeast Asian stock markets closed slightly higher in thin-volume trade on Monday, as investors shrugged off an easing in lending norms by the Chinese central bank and waited for more clarity on monetary easing by other major central banks. Investors now await the European Central Bank policy meeting later this week and the Sept. 17-18 meeting of the US Federal Reserve for clues on rates. Data also shows valuations of Asian shares took a hit in August after a sharp selloff due to an escalation in the Sino-US trade war, with MSCI's broadest index of Asia-Pacific shares declining 3.4%. Philippine stocks closed 0.3% higher, extending gains into a fourth session, boosted by financials.
SM Prime Holdings Inc gained 1.3%, while Bank of the Philippine Islands rose 4.2%. Vietnam shares closed little changed, with real estate conglomerate Vingroup JSC rising 1.2% after a consortium led by Singapore's state investor GIC Pte Ltd signed an agreement to buy a stake in one of its units for $500 million.
Indonesian shares rose 0.3%, driven by consumer and energy stocks. United Tractors Tbk Pt rose 8%, while Charoen Pokphand Indonesia Tbk Pt advanced 5.5%. The Malaysian stock market was closed for a holiday.
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